Manchester United buying out BSkyB stake in TV arm

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Manchester United Ltd.
MANU, -1.29%
acquired a one-third minority stake in Manchester United Television from British Sky Broadcasting Group PLC (BSY.LN), part of the soccer team's goal of gaining complete ownership of the content production and distribution capabilities of the unit.

Financial terms weren't disclosed.

Manchester United Television was formed as a venture between the team, BskyB, and ITV PLC (ITVPF, ITV.LN, ITV.TH) in 1998. Manchester United acquired ITV's one-third stake in November of 2007.

BSkyB is 39% owned by News Corp. (NWSA, NWS.AU, NWS), owner of The Wall Street Journal and this newswire.

Manchester United shares closed Friday at $15.50 and were inactive premarket. Markets were closed Monday for the Martin Luther King Jr., holiday.

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